November 15, 2004
Bingo.com Announces Third Quarter Profit
VANCOUVER, Canada, March 21, 2005 / Bingo.com, Inc. (OTC BB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced its financial results for the fourth quarter and year end December 31, 2004. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Highlights of the 2004 fiscal year included:
- Revenue increased to $1,158,620, an increase of 30% over revenue of $888,888 in 2003
- Fourth quarter revenue increased to $389,921, an increase of 42% over revenue of $274,758 in the third quarter of 2004
- Fourth quarter profit of $63,591, the second consecutive positive quarter, an increase of 42% from the third quarter of 2004
- The conversion of all Debentures into shares of the Company
- The Company initiated the merger with its subsidiary for the purpose of moving the Company’s jurisdiction from Florida to Anguilla, BWI
VANCOUVER, Canada, November 15th, 2004 / Bingo.com, Inc., operator of the Internet’s pre-eminent bingo portal, today announced its financial results for the third quarter ending September 30th, 2004. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.
Revenue increased to $274,758 for the quarter ended September 30, 2004, an increase of 16% from revenue of $236,758 for the same period in the prior year and an increase of 11% from revenue of $247,752 for the second quarter of 2004. The Company has increased its advertising rates by approximately 10% overall from the prior year and obtained a greater number of individual advertisers, thereby providing a more diverse and increased revenue stream.
Operating costs before interest expenses were $156,522 for the quarter ended September 30, 2004, an increase of 14% compared to costs of $137,382 for the same period in the prior year and an increase of 17% compared to costs of $133,605 for the second quarter of 2004. This increase in operating costs compared to the prior year was due to increased legal expenses incurred during the quarter and due to the weakness in the United States dollar in comparison to the Canadian dollar.
Net profit for the three months ended September 30, 2004, amounted to $40,415, a gain of $0.00 per share, compared to a loss of ($26,382) or ($0.00) per share for the same period in 2003 and compared to a loss of ($137,168) or ($0.01) per share in the second quarter of 2004. The companys commitment to cost controls and revenue growth has proved successful. For the first time in corporate history, Bingo.com has recorded a fully profitable quarter.
“I am excited to see the positive results that our revenue growth and cost containment initiatives have achieved”, remarked Tarrnie Williams, the Companys President and CEO. “It is rewarding to achieve our first positive quarter and I look forward to continuing this profitable trend into the future.”
For more information contact:
- Henry Bromley
- (264) 461-2646